Byron Allen, founder and owner of Entertainment Studios, bought the Weather Group from the Blackstone Group, Bain Capital and Comcast-NBCUniversal, Entertainment Studios said.

"The Weather Channel is a phenomenal asset," Allen said in an interview. "It is the No. 1 weather news network in America. It's a network that's very important, that provides us information to protect our families and our lives."

The purchase price for the channel and Local Now, a news streaming service, reportedly was $300 million. Entertainment Studios declined to confirm the figure.

Bain, Blackstone and Comcast-NBCUniversal bought the Weather Channel Cos. from Landmark Communications in 2008 for a reported $3.5 billion. The new owners sold digital assets including the Weather.com website for a reported $2 billion-plus to IBM in 2015.

Allen called the Weather Channel "an American treasure" that he intends to expand.

"We're just honored to be able to own and take it to the next level," he said. "They're already doing great, we're just going to invest more to position it for greater success" domestically and internationally.

Meteorologist Jim Cantore is among the familiar faces at the basic cable channel that's available in more than 80 million North American homes.

In a statement, Weather Channel CEO Dave Shull said Allen's ownership will benefit its viewers, distributors and advertisers.